Elon Musk found himself in the same virtual chatroom as Vlad Tenev, the CEO of the now very controversial Robinhood trading app early Monday morning. Musk lost no time in confronting Tenev.
Talking now! ??? https://t.co/k3QdJEcz9o
— Conor L. Myhrvold ? (@conormyhrvold) February 1, 2021
"Talking now!" says the tweet, referring to the fact that Musk was in the chatroom on an app called Clubhouse talking to users about recent events.
Elon Musk grills Robinhood CEO over GameStop trading freeze: "The people demand answers" https://t.co/Wl11mPre2h
— The Washington Post (@washingtonpost) February 1, 2021
"Elon Musk grills Robinhood CEO over GameStop trading freeze: "The people demand answers," says the WaPo tweet.
Musk surprised everybody by instructing the moderators to give the floor to Tenev, who was in the chatroom, and saying "Do you want to hear the real story from Vlad [from] Robinhood about what happened on the Street with GameStop?"
Musk continued, "Spill the beans, man. What happened last week? Why couldn’t people buy the GameStop shares? The people demand answers, and they want to know the truth."
"Is anyone holding you hostage right now?" quipped Musk in his typical style.
Tenev responded by saying that Robinhood had received a whopping $3 billion deposit request on Thursday at around 6:30am Eastern Standard time. Robinhood's market cap at the time was less than that amount, which means that they couldn't cover those transactions if they needed to, putting the company in imminent danger.
He further detailed that the company has been able to raise the additional billion dollars needed to be able to honor the request, and trading will resume on Monday.
However, he made no promise to not restrict stocks further, and, in fact, at this time, GameStop, AMC and other stocks considered to be "meme stocks" and therefore potentially volatile still limit customers to one share per transaction.
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me next month
To find out what personal data we collect and how we use it, please visit our Privacy Policy
